PNB MetLife India Insurance Company Limited (PNB MetLife) has forged a strategic bancassurance partnership with Saraswat Co-Operative Bank Ltd., one of the largest Urban Co-operative Bank in India. This collaboration aims to enhance financial inclusion by offering a comprehensive suite of life insurance solutions, including savings, protection, retirement, and group plans, to Saraswat Bank’s extensive customer base of ~30 lakh individuals across 302 branches nationwide.
Sameer Bansal, Managing Director & CEO of PNB MetLife, said, “India continues to face a significant insurance protection gap. This emphasizes the urgent need for wide-reaching distribution channels to make insurance available to more people. Our partnership with Saraswat Bank is a step towards our mission to make life insurance accessible to millions of Indians. By leveraging Saraswat Bank’s trusted legacy and our insurance expertise, we aim to deliver solutions that address customers’ financial needs across various life stages while also providing them with much needed financial protection.”
Arti Patil, Managing Director & CEO of Saraswat Co-Operative Bank Ltd., said, “Collaborating with PNB MetLife is part of our continuous efforts to bring the best life insurance solutions to our customers. As the largest Urban Co-operative Bank in India, this partnership reinforces our vision of delivering comprehensive services that address every aspect of our customers’ financial well-being.”
By effectively combining the strengths of PNB MetLife and Saraswat Bank, PNB MetLife brings to life its positioning: “Milkar Life Aage Badhaein.” The strategic partnership will help address the protection gap, increase insurance penetration, and promote financial inclusion by reaching out to underserved and uninsured segments of the population.
